On the other hand, the tech-heavy Nasdaq was getting slammed, down 63.84 points at 4,761, a 1.32% drop. This is well off the indexes jump at the open when the Nasdaq was up 0.81%.

The S&P 500 is up 9.1 points, a 0.42% gain after jumping nearly 0.80% to start the day.

The rally and record come two days after the futures markets were down more than 800 points during the US presidential election on Tuesday night.

In other markets, US Treasurys are getting slammed. Yields for US government bonds have hit their highest levels since January as investors take on risk instead of safe-haven trades like bonds. The US 10-year is up 6.3 basis points, to 2.113%. (Remember that prices go down as yields go up.)

Gold, the other safe-haven trade, is also down for the day — the precious metal is down over $3 an ounce for the day, to $1,267 an ounce.

In foreign exchange markets, the US dollar index is stronger by 0.4%. The Mexican peso has also hit a record low against the dollar, at 20.2638 per dollar.

As Business Insider Australia's David Scutt noted, traders and market analysts think the rally is due to a combination of factors that could be leading the market higher: It appears the uncertainty leading up to the US election has been removed from the market, and there's a possibility of business-friendly reforms such as tax reform and fiscal stimulus.